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MIRA INFORM REPORT
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Report No. : |
488866 |
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Report Date : |
02.02.2018 |
IDENTIFICATION DETAILS
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Name : |
DISHMAN CARBOGEN AMCIS LIMITED (w.e.f. 27.03.2017) |
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Formerly known
as : |
CARBOGEN AMCIS (INDIA) LIMITED |
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Registered
Office : |
Bhadr-Raj Chambers, Swastik Cross Roads, Navrangpura,
Ahmedabad – 380009, Gujarat |
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Tel. No.: |
91-79-26443053/26445807 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
17.07.2007 |
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Com. Reg. No.: |
04-051338 |
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Capital
Investment / Paid-up Capital : |
INR 0.000 Million |
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CIN No.: [Company Identification
No.] |
U74900GJ2007PLC051338 |
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IEC No.: |
Not Available |
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GSTIN: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AADCC1254E |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges |
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Line of Business
: |
Subject is engaged in Contract Research and Manufacturing Services (CRAMS) and manufacture and supply of marketable molecules such as specialty chemicals, vitamins and chemicals and disinfectants. (Registered Activity) |
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No. of Employees
: |
845 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 136300000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Dishman group which was incorporated in the year 2007 and it is engaged in contract research and manufacturing services (CRAMS), manufacturer and supplier of marketable molecules such as specialty chemicals, vitamins and chemicals and disinfectants. As per the financials of March 2017, the company has registered a healthy growth in its revenue and has reported a good profit margin of 5.37% under review. Rating takes into consideration the company’s satisfactory track record of business operations marked by healthy net worth along with low solvency indicators and good liquidity position. Rating also takes into account the strong financial and managerial support received from its group and strong relationship with its customers. Share are quoted very high on Stock Exchanges. (Share are traded at a price of INR 376 against its face value of INR 2). However, rating strength is partially offset by working capital intensive nature of operations along with foreign exchange risk and regulatory challenges. As per unaudited quarterly financials of December 2017, the company has achieved a revenue INR 76.61 million and has reported good profit margin of 15.32%. Payments seems to be regular. In view of aforesaid, the company can be considered good for business dealings at usual trade terms and conditions. Note: The Board at their meeting held on 24th February, 2016 had approved the Scheme of Arrangement and Amalgamation involving merger of Dishman Pharmaceuticals and Chemicals Limited ('DPCL’) and Dishman Care Limited ('DCL') with the Company in terms of the provisions of Section 391 to 394 of the Companies Act 1956 (‘Scheme’). The Scheme inter alia provides for the following: a) Transfer and vesting of the Effluent Treatment Plants (ETP) Undertaking of DPCL into Company, a wholly owned subsidiary of DPCL, by way of slump sale; b) Followed by, amalgamation of DCL, a wholly owned subsidiary of DPCL into and with DPCL in accordance with Section 2(1B) of the Income Tax Act, 1961; c) Followed by, amalgamation of DPCL into and with Company in accordance with Section 2(1B) of the Income Tax Act, 1961. d) Upon Scheme becoming effective, the name of the Company shall be changed from “Carbogen Amcis (India) Limited” to “Dishman Carbogen Amcis Limited” (DCAL). |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
INDIA RATING |
|
Rating |
Long Term Rating = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
25.08.2017 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 02.02.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
LOCATIONS
|
Registered Office : |
Bhadr-Raj Chambers, Swastik Cross Roads, Navrangpura,
Ahmedabad – 380009, Gujarat, India |
|
Tel. No.: |
91-79-26443053/26445807 |
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Fax No.: |
91-79-26420198 |
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E-Mail : |
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Website : |
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Head Office : |
Dishman Corporate House Opp. Jayantilal Park BRTS, Iscon-Bopal Road, Ambli Ahmedabad – 380058, Gujarat, India |
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Tel. No.: |
91-2717-420100 |
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91-2717-420124 |
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E-Mail : |
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Manufacturing Site 1: |
Survey No. 47 Paiki Sub Plot No. 1 Village Lodariyal
Taluka - Sanand |
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Tel No.: |
91-2717-669600 |
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Fax No.: |
91-2717-669699 |
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E-Mail : |
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Manufacturing Site 2: |
Plot No. 1216/11, 1216/24, 25 and 26, Phase – IV GIDC Estate, Naroda Ahmedabad - 382 330 Gujarat, India |
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Tel No.: |
91-79-22820103 |
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Fax No.: |
91-79-22821633 |
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E-Mail : |
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India (Mumbai)
Office: |
401, Sangeet Plaza Marol Maroshi Road Andheri (East), Mumbai - 400 059, Maharashtra, India |
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Tel No.: |
91-22-29202120/ 29204537/ 66964055 / 66963764 |
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Fax No.: |
91-22-29208758 / 66964054 |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Janmejay Rajnikant Vyas |
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Designation : |
Managing Director |
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Address : |
39, Kaustubh House, Near. Adesh Farm, Ambli Bopla Road,
Ahmedabad – 380058, Gujarat, India |
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Date of Birth/Age : |
29.04.1951 |
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PAN No : |
AAGPV5002P |
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Date of Appointment : |
17.07.2007 |
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DIN No.: |
00004730 |
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Name : |
Mr. Arpit Janmejay Vyas |
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Designation : |
Managing Director |
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Address : |
39, Kaustubh House, Near. Adesh Farm, Ambli Bopla Road,
Ahmedabad – 380058, Gujarat, India |
|
Date of Birth/Age : |
28.07.1986 |
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PAN No : |
ADSPV7509A |
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Date of Appointment : |
17.03.2017 |
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DIN No.: |
01540057 |
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Name : |
Mrs. Deohooti Janmejay Vyas |
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Designation : |
Whole Time Director |
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Address : |
39, Kaustubh House, Near. Adesh Farm, Ambli Bopla Road,
Ahmedabad – 380058, Gujarat, India |
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Date of Birth/Age : |
15.10.1951 |
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Date of Appointment : |
17.03.2017 |
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PAN No : |
AAJPV5327Q |
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Aadhar Card No : |
546965330291 |
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DIN No.: |
00004876 |
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Name : |
Mr. Ashok Chandrakant Gandhi |
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Designation : |
Director |
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Address : |
2, Prabhat Society, Paldi, Ahmedabad – 380007, Gujarat,
India |
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Date of Birth/Age : |
04.12.1939 |
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Date of Appointment : |
17.03.2017 |
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PAN No : |
ABCPG5178J |
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DIN No.: |
00022507 |
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|
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Name : |
Mr. Rajendra Shantilal Shah |
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Designation : |
Director |
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Address : |
289-C, Manekbaug Society Behind Manekbaug Hall, Ambawadi,
Ahmedabad – 380007, Gujarat, India |
|
Date of Appointment : |
17.03.2017 |
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PAN No : |
AEOPS0341G |
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DIN No.: |
00061922 |
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Name : |
Mr. Sanjay Shaileshbhai Majmudar |
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Designation : |
Director |
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Address : |
24, Sumadhur Co-Operative. Hosing. Society. Ltd. B/H.
Ocean Park, Ambawadi Ahmedabad – 380007, Gujarat, India |
|
Date of Birth/Age : |
21.03.1963 |
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PAN No : |
AAPPM5037Q |
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Date of Appointment : |
17.07.2007 |
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DIN No.: |
00091305 |
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Name : |
Mr. Subir Kumar Das |
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Designation : |
Director |
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Address : |
J - 602 Iscon Platinum, Nr. Bopal Cross Road Village: Bopal,
(Ct), Taluka: Daskroi, Ahmedabad – 380007, Gujarat, India |
|
Date of Appointment : |
17.03.2017 |
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Date of Birth/Age : |
18.11.1953 |
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PAN No : |
AALPD4981C |
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DIN No.: |
02237356 |
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Name : |
Mr. Mark Christopher Griffiths |
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Designation : |
Director |
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Address : |
48, Street Aubins Avenue, Southampton Southampton Hampshire, SO19 |
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Date of Birth/Age : |
09.04.1965 |
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Date of Appointment : |
17.03.2017 |
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PAN No : |
AVEPG0006D |
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DIN No.: |
06981744 |
KEY EXECUTIVES
|
Name : |
Mr. Arpit Janmejay Vyas |
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Designation : |
Chief Finance Officer |
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Address : |
39, Kaustubh House, Nrear Adesh Farm, Ambli Bopla Road,
Ahmedabad – 380058, Gujarat, India |
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Date of Appointment : |
17.03.2017 |
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PAN No.: |
ADSPV7509A |
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Name : |
Ms. Shrima Gaurangbhai Dave |
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Designation : |
Company Secretary |
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Address : |
44/B Narayannagar Society, Jai Bhikhkhu Marg, Paldi
Ahmedabad – 380058, Gujarat, India |
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Date of Appointment : |
17.03.2017 |
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PAN No.: |
BHGPD0958N |
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Date of Birth/Age : |
18.06.1987 |
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Board Committees
Audit Committee |
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Nomination and
Remuneration Committee |
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Stakeholder
Relationship Committee |
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Corporate Social
Responsibility Committee |
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Management
Committee |
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MAJOR SHAREHOLDERS
AS ON 31.12.2017
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As
a % |
|
|
(A) Promoter & Promoter Group |
99096898 |
61.40 |
|
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(B) Public |
62297374 |
38.60 |
|
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Grand Total |
161394272 |
100.00 |
Statement showing shareholding pattern of the Promoter and
Promoter Group
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares (calculated as per SCRR,
1957)As a % |
|
|
A1) Indian |
|||
|
Individuals/Hindu undivided Family |
5000 |
0.00 |
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|
Janmejay R. Vyas |
1000 |
0.00 |
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|
Deohooti J. Vyas |
1000 |
0.00 |
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|
Arpit J. Vyas |
1000 |
0.00 |
|
|
Aditi J. Vyas |
1000 |
0.00 |
|
|
Mansi J. Vyas |
1000 |
0.00 |
|
|
Saloni A. Vyas |
0.00 |
||
|
Janmejay Rajnikant Vyas - HUF |
0.00 |
||
|
Any Other (specify) |
99091898 |
61.40 |
|
|
Bhadra Raj Holdings Private Limited |
99091898 |
61.40 |
|
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Sub Total A1 |
99096898 |
61.40 |
|
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A2) Foreign |
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||
|
A=A1+A2 |
99096898 |
61.40 |
Statement showing shareholding pattern of the Public
shareholder
|
Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR, 1957 As a % |
|
|
B1) Institutions |
0.00 |
||
|
Mutual Funds/ |
18573573 |
11.51 |
|
|
L And T Mutual Fund Trustee Ltd-L And T Tax
Advantage Fund |
8004618 |
4.96 |
|
|
Aditya Birla Sun Life Trustee Private Limited
A/C Aditya Birla Sun Life Manufacturing Equity Fund |
3332000 |
2.06 |
|
|
IDFC Balanced Fund |
2393643 |
1.48 |
|
|
Tata Equity Opportunities Fund |
2362662 |
1.46 |
|
|
Alternate Investment Funds |
1159108 |
0.72 |
|
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Foreign Portfolio Investors |
14045303 |
8.70 |
|
|
Lsv Emerging Markets Equity Fund Lp |
2163500 |
1.34 |
|
|
Government Pension Fund Global |
1969865 |
1.22 |
|
|
Financial Institutions/ Banks |
568541 |
0.35 |
|
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Any Other (specify) |
185272 |
0.11 |
|
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Foreign Financial Institutions |
185272 |
0.11 |
|
|
Sub Total B1 |
34531797 |
21.40 |
|
|
B2) Central Government/ State
Government(s)/ President of India |
0.00 |
||
|
Central Government/ State Government(s)/
President of India |
1472 |
0.00 |
|
|
Sub Total B2 |
1472 |
0.00 |
|
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital upto INR 0.200
million |
19978933 |
12.38 |
|
|
Individual share capital in excess of INR
0.200 million |
2395574 |
1.48 |
|
|
Any Other (specify) |
5389598 |
3.34 |
|
|
Trusts |
2552 |
0.00 |
|
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Director or Director's Relatives |
67300 |
0.04 |
|
|
HUF |
704962 |
0.44 |
|
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NRI |
1143021 |
0.71 |
|
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Clearing Members |
278030 |
0.17 |
|
|
Bodies Corporate |
3193733 |
1.98 |
|
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Sub Total B3 |
27764105 |
17.20 |
|
|
B=B1+B2+B3 |
62297374 |
38.60 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Contract Research and Manufacturing Services (CRAMS) and manufacture and supply of marketable molecules such as specialty chemicals, vitamins and chemicals and disinfectants. (Registered Activity) |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
845 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors 1: |
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Name : |
V. D. Shukla and Company Chartered Accountants |
|
Address : |
B-213, Gopal Palace, Near Shiromani Flats, Opposite Ocean Park, Shivranjani-Nehrunagar Road, Nehrunagar, Ahmedabad – 380015, Gujarat, India |
|
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|
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Auditors 2: |
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|
Name : |
Haribhakti and Company LLP Chartered Accountants |
|
Address : |
701, Leela Business Park, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India |
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INTERNAL AUDITORS |
|
|
Name : |
Shah and Shah Associates Chartered Accountants |
|
Address : |
702, Aniket, Near Municipal Market, Navrangpura, Ahmedabad-380009, Gujarat, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding company : |
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Subsidiary: |
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Step Down
Subsidiary: |
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Associates: |
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Entity in which KMP
are the members: |
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Entity in which KMP
can exercise significant influence: |
Note: * Only where transactions have taken place during the year. |
CAPITAL STRUCTURE
AS ON 28.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
170250000 |
Equity Shares |
INR 2/- each |
INR 340.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital : INR 322.788
Million
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
161394272 |
Equity Shares |
INR 2/- each |
INR 322.788 Million |
|
|
|
|
|
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
170250000 |
Equity Shares |
INR 2/- each |
INR 340.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
INR 2/- each |
INR 0.500 Million |
|
(250000) |
Less: Cancelled on account of merger |
INR 2/- each |
INR (0.500) Million |
|
|
Total |
|
INR 0.000 Million
|
* The Company has not yet alloted the equity shares to shareholders of DPCL pursuant to Scheme of Merger till 31.03.2017.
Shares of the company
held by holding/ultimate holding company
|
Particulars |
31.03.2017 |
|
Dishman Pharmaceuticals and Chemicals Limited |
-- |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
0.000 |
0.500 |
0.500 |
|
(b) Reserves &
Surplus |
47707.400 |
2.800 |
(6.142) |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
47707.400 |
3.300 |
(5.642) |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1446.200 |
89.800 |
102.583 |
|
(b) Deferred tax
liabilities (Net) |
956.800 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
1180.600 |
0.000 |
0.000 |
|
(d) long-term provisions |
65.900 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
3649.500 |
89.800 |
102.583 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2563.100 |
0.000 |
0.000 |
|
(b) Trade payables |
581.400 |
0.000 |
0.000 |
|
(c) Other current
liabilities |
854.500 |
26.500 |
26.098 |
|
(d) Short-term provisions |
12.600 |
1.500 |
0.011 |
|
Total Current Liabilities
(4) |
4011.600 |
28.000 |
26.109 |
|
|
|
|
|
|
TOTAL |
55368.500 |
121.100 |
123.050 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
7977.100 |
0.000 |
0.000 |
|
(ii) Intangible Assets |
11293.700 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
292.000 |
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
113.500 |
0.000 |
0.000 |
|
(b) Non-current Investments |
25938.200 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
402.300 |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
1656.400 |
0.000 |
0.000 |
|
Total Non-Current Assets |
47673.200 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1673.700 |
0.000 |
0.000 |
|
(b) Inventories |
1518.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
711.800 |
0.000 |
0.000 |
|
(d) Cash and cash equivalents |
403.100 |
6.000 |
0.146 |
|
(e) Short-term loans and
advances |
352.700 |
0.000 |
0.000 |
|
(f) Other current assets |
3036.000 |
115.100 |
122.904 |
|
Total Current Assets |
7695.300 |
121.100 |
123.050 |
|
|
|
|
|
|
TOTAL |
55368.500 |
121.100 |
123.050 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
4514.900 |
68.100 |
0.000 |
|
|
Other Income |
708.000 |
3.200 |
4.486 |
|
|
TOTAL |
5222.900 |
71.300 |
4.486 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1394.100 |
0.000 |
0.000 |
|
|
Purchases of Stock-in-Trade |
131.400 |
0.000 |
0.000 |
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(104.800 |
0.000 |
0.000 |
|
|
Employees benefits expense |
667.600 |
0.000 |
0.000 |
|
|
Other expenses |
945.300 |
51.300 |
0.041 |
|
|
TOTAL |
3033.600 |
51.300 |
0.041 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
2189.300 |
20.000 |
4.445 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
391.700 |
9.900 |
9.411 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
1797.600 |
10.100 |
(4.966) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1358.500 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
439.100 |
10.100 |
(4.966) |
|
|
|
|
|
|
|
Less |
TAX |
196.700 |
1.200 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
242.400 |
8.900 |
(4.966) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
4053.400 |
4951.500 |
0.000 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
1.50 |
35.69 |
(19.86) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
440.000 |
0.000 |
NA |
|
Cash generated from operations |
3075.900 |
26.900 |
(3.648) |
|
Net cash flows from (used in) operations |
2703.800 |
25.700 |
(13.053) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
57.54 |
0.00 |
0.00 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
6.34 |
0.00 |
0.00 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
139.11 |
0.00 |
0.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
1.44 |
0.00 |
0.00 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.11 |
0.00 |
0.00 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.11 |
0.97 |
1.05 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.09 |
27.21 |
-18.18 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.08 |
8.48 |
-4.63 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.41 |
0.00 |
0.00 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
5.59 |
2.02 |
0.47 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
5.37 |
13.07 |
#DIV/0! |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
0.44 |
7.35 |
-4.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
0.51 |
269.70 |
88.02 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.92 |
4.33 |
4.71 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.54 |
4.33 |
4.71 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.86 |
0.03 |
-0.05 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.00 |
179.60 |
205.17 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.92 |
4.33 |
4.71 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 2/- |
|
Market Value |
INR 376 (BSE) |
FINANCIAL ANALYSIS
[all figures are in
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
0.500 |
0.500 |
0.000 |
|
Reserves & Surplus |
(6.142 |
2.800 |
47707.400 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
(5.642) |
3.300 |
47707.400 |
|
|
|
|
|
|
long-term borrowings |
102.583 |
89.800 |
1446.200 |
|
Short term borrowings |
0.000 |
0.000 |
2563.100 |
|
Total
borrowings |
102.583 |
89.800 |
4009.300 |
|
Debt/Equity
ratio |
(18.182) |
27.212 |
0.084 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
|
31.03.2016 |
31.03.2017 |
|
|
|
INR
In Million |
INR
In Million |
|
Sales |
|
68.100 |
4514.900 |
|
|
|
|
6529.809 |
NET PROFIT MARGIN
|
Net
Profit Margin |
|
31.03.2016 |
31.03.2017 |
|
|
|
INR
In Million |
INR
In Million |
|
Sales |
|
68.100 |
4514.900 |
|
Profit |
|
8.900 |
242.400 |
|
|
|
13.07% |
5.37% |
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
|
|
31.03.2017 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
0.000 |
|
(b) Reserves &
Surplus |
|
|
48139.800 |
|
(c) Money received
against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
|
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
|
48139.800 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
4601.200 |
|
(b) Deferred tax
liabilities (Net) |
|
|
994.100 |
|
(c) Other long term
liabilities |
|
|
48.600 |
|
(d) long-term provisions |
|
|
2214.000 |
|
Total Non-current Liabilities
(3) |
|
|
7857.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
3849.500 |
|
(b) Trade payables |
|
|
856.400 |
|
(c) Other current
liabilities |
|
|
190.000 |
|
(d) Short-term provisions |
|
|
5040.700 |
|
Total Current Liabilities
(4) |
|
|
9936.600 |
|
|
|
|
|
|
TOTAL |
|
|
65934.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
13433.600 |
|
(ii) Intangible Assets |
|
|
35038.900 |
|
(iii) Capital
work-in-progress |
|
|
1215.300 |
|
(iv) Intangible assets
under development |
|
|
113.500 |
|
(b) Non-current
Investments |
|
|
442.500 |
|
(c) Deferred tax assets
(net) |
|
|
191.300 |
|
(d) Long-term Loan and Advances |
|
|
350.100 |
|
(e) Other Non-current
assets |
|
|
1818.600 |
|
Total Non-Current Assets |
|
|
52603.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
2855.500 |
|
(b) Inventories |
|
|
4265.800 |
|
(c) Trade receivables |
|
|
586.100 |
|
(d) Cash and cash
equivalents |
|
|
287.800 |
|
(e) Short-term loans and
advances |
|
|
958.200 |
|
(f) Other current assets |
|
|
4377.100 |
|
Total Current Assets |
|
|
13330.500 |
|
|
|
|
|
|
TOTAL |
|
|
65934.300 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
|
|
31.03.2017 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
17136.900 |
|
|
Other Income |
|
|
261.300 |
|
|
TOTAL |
|
|
17398.200 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
|
3164.400 |
|
|
Purchases of
Stock-in-Trade |
|
|
131.400 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
|
(2.800) |
|
|
Employees benefits expense |
|
|
5960.200 |
|
|
Other expenses |
|
|
3350.200 |
|
|
Share of profit from
associates |
|
|
8.900 |
|
|
TOTAL |
|
|
12612.300 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
|
4785.900 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
|
490.100 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
|
4295.800 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
2135.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
|
2160.800 |
|
|
|
|
|
|
|
Less |
TAX |
|
|
706.500 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
|
1454.300 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by info
agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the Annual
Report |
No |
BACKGROUND OF THE
COMPANY
The company (CIN: U74900GJ2007PLC051338) is a public company limited by shares incorporated on 17th July, 2007 under the provisions of the Companies Act, 1956, having its registered office at Bhadr-Raj Chambers, Swastik Cross Road, Navrangpura, Ahmedabad- 380009, Gujarat and is engaged in Contract Research and Manufacturing Services (CRAMS) and manufacture and supply of marketable molecules such as specialty chemicals, vitamins & chemicals and disinfectants. The equity shares of Dishman Pharmaceuticals and Chemicals Limited are listed on National Stock Exchange of India Ltd. (“NSE”) and BSE Ltd. (“BSE”) (collectively, the “Stock Exchanges”). With regard to merger of DPCL with the Company refer note 28 to the Standalone Financial Statements.
BUSINESS OVERVIEW
Head-quartered out of India, the Dishman Group is a truly global and integrated CRAMS player with strong capabilities across the value chain. Dishman Carbogen Amcis Limited, the flagship company, includes its Indian and foreign subsidiaries, joint ventures and associate companies across the globe. They are an integrated highvalue, low cost CRAMS player present along the entire value chain – from process research and development to late-stage clinical and commercial manufacturing. They have the ability to retain client services through the complete drug development. They are the preferred global outsourcing partner present across multiple continents and countries, including Switzerland, UK, France, China, Japan and India. They service customers from all the key advanced markets including US, Europe and Asia.
They are equipped with strong chemistry skills and large-scale multi-purpose manufacturing capacities. They have a wide range of research competencies and 9 manufacturing capacities and a global presence with
manufacturing sites in Europe, India, China and Saudi Arabia. Of these, 4 are in Switzerland; 2 in India; and one
each in UK, France, Netherlands and China. Their HiPo facility at Bavla, India, is the largest facility in Asia, which enables us to gain from the high margin HiPo opportunity in the oncology space.
MANAGEMENT OUTLOOK
During the year under review, they improved capacity utilisation at their manufacturing facilities by focussing more on small and mid-sized companies. There was also efficient utilisation of their HiPo facility, besides the facilities in India and China. They also diversified across new geographies, besides increasing their penetration in the US market and leveraging cross-selling opportunities. They churned their existing capacities better by focussing more on the low volume, high-value orders which improved their margins. They also earned incremental revenues from the HiPo business where realisations are higher – in the range of 40% to 50%. their margins also improved due to value added order execution from their recently renovated Vitamin D facility at Netherlands. Moving ahead, there is no major capex planned for the next few years. About ~73.50% of their portfolio is geared towards higher-end API supplies. Vitamin D3, bulk drugs, generic APIs and disinfectants account for the balance ~26.50%. Their key focus in Vitamin D3 is more on quality. Interest cost savings due to debt repayment and margin expansion will drive their earnings CAGR over the next few years. Scalability of the HiPo facility at Bavla and approvals from regulatory authorities is seen leading to better profitability.
SCHEME OF ARRANGEMENT
& AMALGAMATION
In February 2016, the Board of Directors of the Company approved the Scheme of Arrangement and Amalgamation. This involves the merger of Dishman Pharmaceuticals and Chemicals Limited (‘DPCL’) and Dishman Care Limited (‘DCL’) with Carbogen Amcis (India) Limited (‘CAIL’). Post-merger, DPCL is known as Dishman Carbogen Amcis Limited (‘DCAL’). The key objective of the merger is consolidation of business and simplification of the Group structure. The amalgamation has been accounted under the “Purchase Method” as per AS14. Accordingly, the assets and liabilities of DPCL and DCL have been recorded at fair value as on the Appointed Date of 1st January 2015. The purchase consideration of ` 48.1 billion has resulted in goodwill of ` 13.3 billion, which represents the excess consideration payable over the net assets. This goodwill will be amortised over the period of 15 years starting from the Appointed Date.
UNSECURED LOANS:
|
PARTICULAR |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
From Related Party |
0.000 |
89.800 |
|
Short-term
borrowings |
|
|
|
Loan from banks- Foreign Currency |
461.800 |
0.000 |
|
|
|
|
|
Total |
461.800 |
89.800 |
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE
MONTHS ENDED 31.12.2017
(INR in Million)
|
PARTICULARS |
Quarter Ended |
Half Year
ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
1. Income from Operations |
|
|
|
|
Net /income from
operations |
766.100 |
1235.800 |
2938.800 |
|
Other Operating income |
184.500 |
57.900 |
246.600 |
|
Total income from operations |
950.600 |
1293.700 |
3185.400 |
|
Other Income |
208.900 |
244.600 |
489.100 |
|
Total |
1159.500 |
1538.300 |
3674.500 |
|
Expenses |
|
|
|
|
Cost of Materials Consumed |
313.500 |
446.700 |
1116.800 |
|
Purchases of stock-in trade |
0.000 |
22.500 |
46.900 |
|
Changes in inventories of finished goods. work-in-progress and stock
in trade |
(116.200) |
(31.200) |
(252.00) |
|
Employee benefits expense |
168.100 |
124.000 |
420.400 |
|
Finance Costs |
82.500 |
94.200 |
250.200 |
|
Depreciation and Amortization Expenses |
359.200 |
340.200 |
1041.300 |
|
Other Expenses |
160.200 |
198.700 |
647.100 |
|
Total expenses |
967.300 |
1195.100 |
3270.700 |
|
Profit from operation before other income, finance cost and exceptional items |
192.200 |
343.200 |
403.800 |
|
Exceptional items – Income |
-- |
-- |
-- |
|
Profit before tax |
192.200 |
343.200 |
403.800 |
|
Tax expenses |
74.800 |
119.400 |
147.400 |
|
Net Profit for the period |
117.400 |
223.800 |
256.400 |
|
Total other comprehensive expenses/ (income), net to income tax |
287.100 |
77.500 |
277.500 |
|
Earning per share (of INR 2 each) (not annualised) Basic and Diluted |
0.73 |
1.39 |
1.59 |
INDEX OF CHARGE:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G73671018 |
100146932 |
BANK OF BARODA |
12/01/2018 |
- |
- |
800000000.0 |
CORPORATE FINANCIAL SERVICES BRANCH,BANK OF BARODA TOWER, 1ST FLOOR, LAW GARDEN, AHMEDABAD-380006 GUJARAT, INDIA |
|
2 |
G73164089 |
100146065 |
HDFC BANK LIMITED |
22/12/2017 |
- |
- |
600000000.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARG,LOWER PAREL,WEST MUMBAI-400013 MAHARASHTRA, INDIA |
|
3 |
G71032759 |
100141927 |
UNIVERSAL TRUSTEESHIP SERVICES LIMITED |
24/11/2017 |
- |
- |
1720000000.0 |
D-214, KANAKIA ZILLION, L.B.S MARGKURLA BEST BUS DEPOT, BKC ANNEXE, KURLA (WEST) MUMBAI-400070 MAHARASHTRA, INDIA |
|
4 |
G13789938 |
100053193 |
SOCIETE GENERALE |
10/08/2016 |
- |
- |
300000000.0 |
SANAND BRANCH, UNIT NO.101/A, 1ST FLOOR, SARVODAYCO-OPERATIVE HOUSING SOC., SAEKHEJ-SANAND HIGHWAY SANAND-382110 GUJARAT, INDIA |
|
5 |
C37256781 |
10537128 |
BANK OF BARODA |
18/12/2014 |
- |
- |
750000000.0 |
CORPORATE FINANCIAL SERVICES BRANCHBANK OF BARODA TOWERS, 1ST FLOOR, OPP. LAW GARDEN AHMEDABAD-380006 GUJARAT, INDIA |
|
6 |
C37258308 |
10537130 |
BANK OF BARODA |
18/12/2014 |
- |
- |
750000000.0 |
CORPORATE FINANCIAL SERVICES BRANCH,BANK OF BARODA TOWER, 1ST FLOOR, LAW GARDEN,AHMEDABAD-380006 GUJARAT, INDIA |
|
7 |
G38231148 |
10072442 |
UNIVERSAL TRUSTEESHIP SERVICES LIMITED |
19/10/2007 |
23/02/2017 |
- |
3870700000.0 |
A-902 MARATHON FUTUREX, N. M. JOSHI MARGLOWER PAREL MUMBAI 400013.MUMBAI-400013 MAHARASHTRA, INDIA |
|
8 |
G38231825 |
90098942 |
UNIVERSAL TRUSTEESHIP SERVICES LIMITED |
19/01/1999 |
23/02/2017 |
- |
3870700000.0 |
A-902 MARATHON FUTUREX, N. M. JOSHI MARGLOWER PARE, MUMBAI-400013 MAHARASHTRA, INDIA |
|
9 |
Y10186768 |
90097076 |
MADHYA PURA MERCENTILE CO.OP. BANK |
22/06/1981 |
- |
- |
500000.0 |
ASTODIA BRANCHAHEMDABADGJ MAHARASHTRA, INDIA |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
|
|
|
|
Labour Law claims against the Company not acknowledged as debt |
1.100 |
|
Outstanding guarantees furnished to the bank in respect of former subsidiaries and a joint venture company |
536.700 |
|
Disputed central excise duty (including service tax) liability |
40.700 |
|
Disputed income tax liability for various assessment years for which appeals are pending 159.54 with Appellate authorities, out of the said amount, the Company has paid under protest. |
1595.400 |
|
Disputed sales tax and central sales tax liability |
43.400 |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 63.50 |
|
|
1 |
INR 90.92 |
|
Euro |
1 |
INR 79.07 |
INFORMATION DETAILS
|
Analysis Done by
: |
PSD |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.